The early bird gets the worm The decision to prepay your home loan isn’t just about having surplus cash; it’s about timing. Making additional payments towards your home loan in the initial years can significantly impact the interest you pay over the loan’s life. For instance, Ankush, who took a ₹50 lakh home loan at … Read more
In February 2024, the RBI data showed that credit card spending reached Rs. 1.5 lakh crores, a 26% annual growth. Within these spends, the usage of credit cards for payments like rent, tuition fees, vendor payments, society maintenance, etc., to individuals has picked up in the last few years. The RBI is not comfortable with … Read more
Regardless of Reserve Bank of India (RBI) keeping its repo rate constant at 6.5 per cent, Bank of Baroda raised its MCLR across four tenors by 5 basis points with effect from today i.e., April 12, 2024. Bank of Baroda’s base rate is now 9.40 percent with effect from Friday. Additionally, BPLR for all the existing accounts … Read more
These unions emphasize member service and financial well-being, whereas banks focus on maximizing profits for shareholders. Credit unions often provide lower interest rates on loans, reduced fees, and a more customized banking experience. Credit unions can frequently be a compelling choice for personal loans for several reasons: Possibly lower interest rates: As non-profit organizations, credit … Read more
CIBIL score is an important factor that banks consider when evaluating applications for business loans. While there is not a fixed threshold of CIBIL score requirement which is applicable universally to all banks, a higher CIBIL score usually raises the likelihood of loan approval and favourable terms. Here are the general rules: Excellent credit score (750 and … Read more
When a borrower co-signs a loan, it can have both positive and negative effects. This can have both positive and negative effects on your credit score, based on how the borrower manages the loan. For instance, 51-year Ajay Aggarwal decided to co-sign a loan for his son who wants to take a student loan. This may also … Read more
Kotak Mahindra Bank has announced the launch of Smart Choice Gold Loan meant for aspirational customers. The private lender — in a statement — said the loan offers five key features and would turn out to be a compelling alternative to conventional credit options. These key features are: 1) fixed monthly interest rate as low … Read more
Experts guide these strained souls on how to manage their finances to care for their parents, support their kids and tide over for themselves too. “Generation S or the Sandwich Generation is perhaps living in the most precarious of financial conditions; as they are encumbered with taking care of their ageing parents, and children. Another … Read more